What is your purchased services spend? Find out with mSource Analytics.
Although purchased services account for roughly 40% of a health system’s supply chain expense, many health systems struggle to answer questions like:
- How much am I spending in purchased services?
- Which vendors am I using?
- Am I standardized to a single vendor in a category?
- Are my facilities buying off the right contracts?
- Am I actually realizing the projected savings from a past initiative?
- Medpricer has two powerful solutions that will give you visibility into your purchased services spend and allow you to monitor purchased services spend over time. Now you can standardize your vendors, reduce costs and track savings.
1. Find Opportunities with Discovery
Medpricer Discovery gives your healthcare system visibility into its purchased services spend, shows savings opportunities and provides an estimate of how challenging sourcing a category will be based on past experience.
Medpricer Discovery includes a software interface where you can customize your data view and generate reports that include your health system’s brand. Medpricer gathers AP data from across your system and then Medpricer Discovery:
- Characterizes up to 95% of your total purchased services spend using our proprietary database and categorization schema developed specifically for health systems
- Provides you with market-share reports on 330 unique purchased services categories organized by vendor, facility, cost center, stakeholder grouping
- Gives you secure web-based access to all spend reports
- Provides you cost savings benchmarks and project execution level of difficulty based on Medpricer’s past experience
- Provides you realistic cost savings benchmarks that you would otherwise not know about, allowing you to gain leverage in sourcing and standardization strategies
2. Follow Progress with Trend
Medpricer Trend provides ongoing spend analytics for healthcare purchased services and compliance analytics. We include: spend and savings time trend reports, comparisons to your savings targets, and compliance of stakeholders to approved supplier contracts.
Medpricer Trend helps you ensure your savings strategies are working and your organization’s spend is under control by monitoring outcomes against your purchased services goals for savings and supplier consolidation.
Medpricer Trend can refresh data and report on a monthly, quarterly, semi-annual, or annual basis allowing you to easily share your progress with stakeholders, finance, and operational leadership.
- Provides routine updates of purchased services spend, suppliers, and contract compliance
- Identifies spend trends across categories, suppliers, facilities or cost centers
- Illustrates the evolving view of market share to identify opportunities for standardization
- Tracks savings for all suppliers and categories by facility or stakeholder group
- Shows compliance of facilities or stakeholders to approved suppliers or contracts
- Illustrates the introduction of non-approved suppliers into your health system
Get Our mSource Analytics Overview
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